After a premature announcement was retracted, OfficeMax Inc. and Office Depot Inc. confirmed that they plan to merge in order to better compete in the office-supply retail space against industry leader Staples.

The New York Times reported that would place OfficeMax’s valuation at about $1.19 billion. The release also said that the combined board would have equal representation from the two companies, though it’s not yet clear who will be the new company’s chief executive, or what name the new company will use.